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Committee forwards bond‑related amendments for 1601 Mariposa mixed‑income project
Summary
Committee advanced amendments to indenture and loan agreements for multifamily housing revenue bonds tied to 1601 Mariposa (299 units, 60 affordable) to enable longer‑term financing; MOHCD said the transaction remains conduit financing with no recourse to the city general fund.
The committee considered a resolution authorizing certain amendments to the indenture of trust and loan agreement related to the city—s variable‑rate multifamily housing revenue bonds issued in 2017 for the 1601 Mariposa Street project. William Wilcox of the Mayor—s Office of Housing and Community Development said the project is a 299‑unit mixed‑income building with 60 affordable units and that the proposed reconfiguration of the 2017 bonds moves the financing into longer‑term arrangements consistent with the original plan.
Wilcox emphasized the transaction remains conduit financing with no recourse to the city—s general fund and that affordability requirements in the regulatory agreement are unchanged. The closing was targeted for March 16, 2022. The committee heard no public comment and forwarded the resolution to the full Board with a positive recommendation.
